Facing a Tax Lien or Judgment? Here's What You Should Do.
A tax lien or judgment can be a frightening situation. If you live in Cabarrus, Union, Gaston, Lincoln, Iredell, Rutherford, Cleveland, Catawba, Rowan, Brunswick, or Stanly County, and you’re facing this issue, you’re not alone. Here’s what you need to know and steps you can take to address a tax lien or judgment.
Understanding Tax Liens and Judgments:
- Tax Lien: A legal claim placed by the government on your property (house, car, etc.) due to unpaid taxes. It prevents you from selling the property without settling the tax debt.
- Judgment: A court order requiring you to pay a creditor, such as a credit card company or another party you owe money to. A judgment can also become a lien on your property if not satisfied.
Act Quickly! Ignoring the Issue Will Worsen It
Tax liens and judgments can have serious consequences, including:
- Damage to your credit score: This can make it difficult to obtain loans or qualify for favorable interest rates in the future.
- Wage garnishment: A portion of your wages may be withheld to pay off the debt.
- Seizure of assets: The government or creditor may seize and sell your property to satisfy the debt.
Steps to Take:
- Contact the Creditor or IRS (for tax liens): Understanding the amount owed and the reason for the lien or judgment is crucial.
- Explore Payment Options: Negotiate a payment plan with the creditor or IRS. There may be options for installment payments or penalty reduction.
- Seek Legal Help: An attorney specializing in tax law or debt collection can advise you on your rights and explore potential legal challenges to the lien or judgment.
- Consider Selling Assets (as a last resort): If other options are exhausted, selling assets like a car or property might be necessary to settle the debt. However, this should be a last resort after consulting with a financial advisor.
Important Note: The information above provides a general overview. Specific tax laws and regulations can vary depending on the state and federal levels.
For NC Residents: We Can Help You Sell Your House Fast for Cash (if necessary):
If you’re facing a tax lien or judgment and selling your house becomes the best option to resolve your debt, Safeguard Property Solutions can help. We understand the urgency and stress of such situations and offer a fast, hassle-free cash sale solution:
- Fast Cash Offers: Get a quick and fair cash offer for your house within 24 hours.
- Close on Your Timeline: We can close the sale quickly, freeing up funds to settle your debt.
- No Showings or Open Houses: Avoid the disruption of viewings.
- Sell Your House “As-Is”: Don’t worry about repairs or renovations. We buy your house in its current condition.
- Transparent and Hassle-free Process: We handle all the paperwork and legalities, minimizing your involvement and stress.
- Local Expertise: Our team has extensive knowledge of the housing market in Cabarrus, Union, Gaston, Lincoln, Iredell, Rutherford, Cleveland, Catawba, Rowan, Brunswick, and Stanly County, ensuring a smooth transaction.
Facing a tax lien or judgment can be overwhelming, but you don’t have to go through it alone. Contact Safeguard Property Solutions today!
We can help you explore your options and find the best course of action, whether it’s selling your house or navigating debt solutions. Call us at 704-931-3940 or fill out our online form for a confidential assessment.